taxpayers won't be on the hook should nor dare bank -- nordair bank, they say it is strong enough tormer conservative government minister told bloomberg that the new research rules under mifid ii could end up being positive. >> have research to be more genuine, i think it is a good thing. i would guess the smart firms that value research in the way of identifying a differential in between them and the others will be happy to pay for themselves. >> that is your regulation news roundup. nejra: thank you so much, ed. let's get back to our interview with andrew bailey. how do the regulatory implications of brexit complicate mifid ii in the u.k., if they do at all? >> we are implementing mifid ii as a member of the european union. we have made that very clear since the day of the referendum. as long as the u.k. remains a member of the european union the u.k. has to go on implementing european union law. mifid ii is one of the biggest pieces of implementation we will be doing during this period. hot on the heels of that, in the context of the withdrawal legislation in the u.k., we are work